The Internal Revenue Service says that income from stolen goods or other illegal activities must be reported when Americans file their taxes.
, the IRS says,"income from illegal activities, such as money from dealing illegal drugs" must be included on a taxpayer's 2021 filings. It is to be included in Schedule 1 , line 8z, or on Schedule C if from a self-employment activity.BIDEN'S SOCIALIST BUILD BACK BETTER BOLSTERING IRS TO 'SPY' ON AMERICANS' BANK ACCOUNTS: MACE
The IRS also noted that thieves must report the value of the goods they stole, unless the goods are returned to the"owner in the same year." "If you steal property, you must report its fair market value in your income in the year you steal it unless you return it to its rightful owner in the same year," the IRS stated.The requirements also made clear that if you receive a bribe, you must"include it in your income" and said that taxpayers must also"include kickbacks, side commissions, push money, or similar payments" on Schedule 1 or Schedule C.
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